Weighted average cost flow method under perpetual inventory system

Weighted average cost flow method under perpetual inventory system The following units of a particular item were available for sale during the calendar year: 350,000 56.50 56.50 452,000 750,000 Jan. 1 Mar. 18 May 2 Aug. 9 Oct. 20 Inventory Sale Purchase Sale Purchase 9,000 units at $50.00 7,000 units 8,000 units at $56.50 8,000 units 4,000 units at $60.00 The firm uses the weighted average cost method with a perpetual inventory system. Round your "Unit Cost" answers to two decimal places. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Weighted Average Cost Flow Method Cost of Goods Sold Cost of Goods Sold Cost of Goods Sold Date Jan. 1 Mar. 18 May 2 Aug. 9 Oct. 20 Dec. 31 Purchases Quantity 8,000 4,000 Balances Purchases Unit Cost 60 Purchases Total Cost 452,000 240,000 Quantity 7,000 8,000 Unit Cost 50 Total Cost Inventory Quantity 9,000 x 1,000 Inventory Unit Cost 50 50 Inventory Total Cost 450,000 x 50,000 x x x